CITY COUNCIL WILL SEEK £42,000 LOAN

Sun (Auckland), Volume II, Issue 363, 25 May 1928, Page 12

CITY COUNCIL WILL SEEK £42,000 LOAN

MEMBER NOT OPTIMISTIC At least one Auckland City Councillor is not optimistic as to the reception which the city will receive from the Local Bodies Loans Board in its application for loans totalling - £42,000. “Why worry?” asked Cr. E. J. over the council table last evening. “You will not get the money.” The proposals, which were adopted by the council, embraced applications to the Loans Board for the following works: £22,500 for erection of swimming baths at Point Chevalier, including the installation of filtration and sterilisation plants. £7,500 for filtration and sterilisation plants at Parnell Baths and Slickly Beach Baths, and the extension of the intake pipe at the Hobson Street Baths. £12,000 for the erection of a. garage at the corner of Cook and Albert Streets for the housing of council motor-cars, with quarters for two married employees, and also for three shops on the Albert Street frontage. In each case a period of 33 years will be sought, and interest at not more than 6 per cent., provision being made for a sinking fund of 1 per cent. It was explained by the town clerk that the Local Bodies Loans Board watched the sinking funds very carefully, and if necessary adjusted it so that the loan was extingiushed on its date of expiry.